[Diggers350] Lloyds Buying 50k Homes, Aim To Be UKS Biggest Private Landlord By 2030
tony at cultureshop.org.uk
Fri Sep 10 11:01:38 BST 2021
Lloyds Bank Sets Out New Plans To Buy 50,000
Homes To Become UKS Biggest Private Landlord By 2030
Linda Howard 01 Sep 2021
Lloyds Bank sets out new plans to buy 50,000
homes to become UKs biggest private landlord by 2030
Lloyds Banking Group is reportedly planning to
become one of the UKs biggest landlords, according to the Financial Times.
The banking giant is aiming to buy 50,000 homes
in the next 10 years and charge tenants rent as a
private landlord. The Financial Times said that
Lloyds Banking Group has launched the Citra
Living brand in an attempt to move into new streams of making money.
Lloyds is the biggest mortgage lender in the UK,
providing nearly one in four home loans to
prospective buyers, but, with interest rates at
historic lows for more than a decade, returns have been squeezed.
The newspaper said an internal job advertisement
has set a strategic challenge of reaching
10,000 properties by the end of 2025, with a further aim to hit 50,000 by 2030.
Based on current property prices and rental
estimates, this would create a portfolio worth £4
billion, generating pre-tax profits of around £300 million.
If the targets are hit, Citra Living will
overtake the UKs current largest private
landlord, Grainger, which has 9,100 properties worth around £2.1 billion.
Citra may consider M&A (mergers and
acquisitions) opportunities and/or strategic
alliances to help it reach the targets, the advert added.
Previously, the bank has been cautious on the
potential for the new division, with finance
chief William Chalmers saying expansion into the
private rental market would be on a limited basis while we explore the area.
Several big name fund management groups and
insurers have entered the private rental market
in recent years, including Legal & General and M&G.
And retailer John Lewis recently announced plans
to convert unused floor space in its department stores into rental homes.
The switch from small-scale private landlords
follows changes in tax rules which mean
buy-to-let mortgage payments are no longer tax deductible.
A Lloyds spokesperson said: As highlighted at
launch, Citra Living will initially start small,
with a focus on buying and renting good-quality,
newly-built properties. This will be achieved by
working alongside leading house builders to
address the increasing demand for rental properties.
The aim is to gradually provide incremental
stock to the UK rental market over the coming years.
And it came to pass, as he sat at meat with them,
he took bread, and blessed it, and brake, and
gave to them.
<http://biblehub.com/luke/24-31.htm>31 And their
eyes were opened, and they knew him; and he
vanished out of their
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